Prepare journal entries:

Close revenues and expenses to retained earnings

Close dividends to retained earnings

Create the post closing trial balance.

Account title Debit Credit

Cash 150,000

Accounts Receivable 38,000

Supplies 41,000

Fixed assets 77,000

Accounts payable 37,000

Accrued wages payable 29,000

Other liabilities 48,000

Capital stock 89,000

Retained earnings 69,000

Sales 1,100,000

Cost of service 426,000

operating expense 397,000

Interest expense 4,000

Income tax expense 150,000

Dividends 80,000

Total 1,363,000 1,363,000